Small Business Administration (SBA) Disaster Loan Program – SBA’s Disaster Loan Programs are released in conjunction with a disaster declaration authorizing Individual Assistance. For smaller scale disasters that do not meet FEMA’s damage criteria, the State may request an SBA only declaration.
SBA Disaster Loans with Federal Declaration
Following a disaster with a major economic and structural impact on communities throughout Connecticut, the state may make the decision to request federal disaster assistance funding from the Federal Emergency Management Agency (FEMA). If the president approves a major disaster declaration, Small Business Administration disaster recovery loans are automatically made available to businesses and individuals who qualify. Individuals who apply for Individual Assistaance will be given the option to also apply for SBA Disaster Loans.
SBA Disaster Assistance Loans without Federal Declarations
Disasters do not always meet the thresholds of a major disaster declaration, as a result, SBA may make funding available to home owners and affected individuals.The state works with local officials and SBA to determine if these incidents are eligible for SBA funding. These types of incidents include building fires that displace businesses and residences, small-scale localized flooding and many other types of disaster situations.